Category Archives: Free Courses

Free Accounting Course from Wharton; Learning from the French Revolution to Invest Today

Posted on May 16, 2013 | 8 Comments

SOCCER

 And as investors expect the low inflation environment to continue, they have responded by reducing commodity and emerging market exposure and pumping more money into bonds. A net 29% of global asset allocators are underweight commodities, the BofA Merrill study finds, up from 11% in March and at the lowest level since December 2008. Asset allocators are avoiding energy stocks as well.

https://www.coursera.org/course/accounting

About the Course

Accounting is the language of business.  Companies communicate their performance to outsiders and evaluate the performance of their employees using information generated by the accounting system.  Learning the language of accounting is essential for anyone that must make decisions based on financial information.

The course is designed to provide an understanding of financial accounting fundamentals for prospective users of corporate financial information, such as investors, creditors, employees, and other stakeholders (e.g., suppliers, customers).   The course focuses on understanding how economic events such as operating activities, corporate investments, and financing transactions are recorded in the three main financial statements (i.e., the income statement, balance sheet, and statement of cash flows). Students will develop the technical skills needed to analyze financial statements and disclosures for use in financial analysis.  Students will also learn how accounting standards and managerial incentives affect the financial reporting process.

Course Syllabus

The course is broken up into ten weekly modules:

  • Introduction and Balance Sheet
  • Accrual Accounting and the Income Statement
  • Cash flows
  • Working capital assets
  • Ratio analysis and Mid-course Exam
  • Long-lived assets and marketable securities
  • Liabilities and long-term debt
  • Deferred taxes
  • Stockholders’ equity
  • How to read an Annual Report and Final Exam

Recommended Background

The course is recommended for students with little or no prior background in financial accounting that want to improve their financial literacy.  There are no academic prerequisites for the course.  Although we will work with numbers in the course, the only required math knowledge is addition, subtraction, multiplication, and division.

Suggested Readings

The course is designed to be self-contained.  Students wanting to expand their knowledge beyond what we can cover in this course or who want more practice problems or more in-depth explanations can consult any Introduction to Financial Accounting textbook that is geared toward MBA students.  Because the material in the course has been fairly unchanged for the past few years, any used prior editions of textbooks should be acceptable.

Course Format

The course will combine video of the instructor with Powerpoint slides to the deliver the material.  The lectures will be “interactive” in that the instructor will periodically ask students to pause the presentation and guess an answer before proceeding.  The videos will also cover “case studies” of real companies to illustrate the course concepts.  The course will provide eight short homework assignments and two exams.

FAQ

Will I get a Statement of Accomplishment after completing this class?

Contingent on academic performance, you will get a Statement of Accomplishment stating that you completed this course.  However, no certificate will be given from Wharton / Penn and successful completion of this course does not make you a Wharton / Penn alumnus.

 

What resources will I need for this class?

Everything you need will be provided via the Coursera platform.

 

What is the coolest thing I’ll learn if I take this class?

You will not only better understand what people in the business media are talking about, you will also be able to notice when they don’t know what they are talking about!

About the Instructor

Brian J Bushee-University of Pennsylvania

Categories: 
Economics & Finance
Business & Management

–

The French Revolution and Speculator Joseph Fouche

SSOL_Issue_05

Investors have flocked into financial assets while shunning commodity companies because of China slowdown fears and less “inflation.” What if they are wrong?

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Lecture 4 on Mises’ Theory of Money and Credit; Of Interest

Posted on April 19, 2013 | Leave a comment

Basket of Goods

Government finance and the nation’s medium of exchange have in the future to be two separate things. -Ludwig von Mises

The real secret of magic lies in the performance.–David Copperfield

Lecture 3 was here:http://wp.me/p2OaYY-1Sh

 ===

Lecture 4: Listen to the lecture:

 

https://www.yousendit.com/download/UVJpYnUrK3huSlFzeHNUQw

while viewing the lecture slides:Econ400 Lecture 4

Readings: Money and Credit_Mises Ch 7 and 8

Quiz: Quiz for Lecture 4 Readings Chapters 7

Supplementary Readings:

honest money 

Gold Wars

—

Conditions Today

 

 

Video Presentation from an “Austrian” Money Manager, John Hussman http://www.winecountryconference.com/2013-speaker-presentations/

Beware of profit margin REVERSION TO THE MEAN! http://greenbackd.com/2013/04/19/jeremy-grantham-profit-margins-are-probably-the-most-mean-reverting-series-in-finance/

Great Blog on gold, money and markets from an Austrian perspective: www.acting-man.com

Great Attitude for an investor (Rick Rule)

HAVE A GREAT WEEKEND.

Let me know how to improve this blog………

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Lecture 3: Mises’ Theory of Money and Credit, What Does Cheap Really Mean?

Posted on April 16, 2013 | 4 Comments

Bernanke

 

To be long gold is, in a grand thematic way, to be short the socialization of risk –James Grant

Listen first econ400_lecture3 as you view these: 2012 1Q Mises on Money and Banking Lecture 3.  Then read the chapters along with the study guide: CHAPTER 3. Supplements to the chapters: Chapter 3 Sanchez Supplement to the Readings

Extra Credit

Take the quiz: Quiz Lecture 3 on Chapters 5 and 6 in Money and Credit

———-

What Does Cheap Really Mean?

http://www.adventuresincapitalism.com/post/2010/03/15/What-Does-Cheap-Really-Mean.aspx

Everyone tells you that they want to buy cheap stocks. What does that mean? There are so many metrics out there: price to sales, price to book, price to earnings or cash flow. Which are the key ones?

I think people get caught up too often looking at a few key metrics and they lose sight of the bigger picture. In the end, most little companies never become the next General Electric. They either burn out, they hit some plateau and stagnate, or they get acquired by a larger company. When thinking of smaller companies, you really need to ask yourself; what will this company be worth a few years from now and what will a much larger company pay for this business? Remember, acquisitions create cost savings and synergies. For this reason, an acquirer is likely to pay a lot more for a company than the broader market is willing to.

This leads to a bigger question; do this year’s earnings even matter? Probably not. Most people know roughly what this year’s earnings will look like. They even have a reasonable guess about next year’s earnings. No one knows what will happen in three or five years. That’s where you should focus your attention. Look for businesses that can earn many times what they are going to earn this year. Look for growth.

….read more: What Does Cheap Really Mean

Is this company cheap? EGD-FinancialStmt-2012 and research here: http://www.energold.com/s/InvestorVideo.asp

 

 

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Lecture One on Mises Theory of Money and Credit

Posted on April 11, 2013 | 6 Comments

Theory of

Below is the first lecture on chapters 1 & 2 of Mises’ magisterial work, The Theory of Money and Credit. Anyone can understand this work, but they must grasp thoroughly each concept and think through the implications of what Mises is saying. For example, if you understand Mises’ concept of the Subjective Theory of Value, then any theory that teaches that money measures economic value, or that any government should establish policies that preserve the value of money because money is a measure of value, is anti-Misesian.  Therefore, the call for government-licensed monopolistic central bank, is an anti-Misesian call for government intervention into the economy. And there is no measure of economic value, therefore, the government’s consumer price index is meaningless and misleading.

Money transmits value, Mises taught, but money does not measure value. (What?).  Subject valuation “arranges commodities in order of their significance; it does not measure its significance.”

OK, so if you want to delve into the greatest treatise on Money and Credit and become a better investor then I suggest you FIRST LISTEN to the lecture while looking at the Lecture Slides, THEN read the chapters which include the study guide for each chapter. Both the book and study guide are below. Also Gary North’s book, Mises on Money is another excellent study guide incorporating some of Mises’ other works like Human Action.

If folks want me to post more lectures (AFTER) you have listened to lecture one, then let me know in the comments section because it takes time to post the other eight lectures). Or tell me NOT to post more lectures.

Course Outline

2012 1Q Mises on Money and Banking Lecture 1 (Slides on readings)

econ400_lecture1 (MP3)  Lecture- 90 minutes

CHAPTER I

CHAPTER 2

Quiz 1 on Mises Theory of Money and Credit_Ch 1 and 2

Books and Study Guides

Mises on Money and Credit_BOOK

STUDY GUIDE to_Money and Credit

Mises on Money_Vol_3 by Gary North

Lessons for the Young Economist  (for beginners)

 

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New Course on BUBBLES, BOOMS and BUSTS

Posted on April 10, 2013 | Leave a comment

BUBBLESPlease join me in attending this course with a great teacher. See you in class!

He developed the “Skyscraper Index” to help identify the end of the boom.

 

 

Bubbles, Booms, and Busts

— with Mark Thornton

Cost: $59   Length: 6 Weekly Lectures
Dates: April 24, 2013 – May 28, 2013
Status: Upcoming

Click here to register for this course: http://academy.mises.org/courses/bbb/

 

This course will cover special topics in Austrian Business Cycle Theory, including the “Skyscraper Index,” the art of predicting downturns, and the causes of the housing bubble and burst that led to the 2008 financial crisis.

Lectures

Lectures will be Wednesdays at 5:30 p.m. Eastern time.

Reading

All readings will be free and online. A fully hyper-linked syllabus with readings for each weekly topic will be available for all students.

Grades and Certificates

The final grade will depend on quizzes. Taking the course for a grade is optional. This course is worth 3 credits in Mises Academy. Feel free to ask your school to accept Mises Academy credits. You will receive a digital Certificate of Completion for this course if you take it for a grade, and a Certificate of Participation if you take it on a paid-audit basis.

Refund Policy

If you drop the course during its first week (7 calendar days), you will receive a full refund, minus a $25 processing fee. If you drop the course during its second week, you will receive a half refund. No refunds will be granted following the second week.

Mark Thornton

Mark Thornton is an American economist of the Austrian School.[1] Thornton has been described by the Advocates for Self-Government as “one of America’s experts on the economics of illegal drugs.”[2] Thornton has written extensively on that topic, as well as on the economics of the American Civil War, economic bubbles, and public finance. He successfully predicted the housing bubble, the top in home builder stocks, the bust in housing and the world economic crisis.

Thornton received his B.S. from St. Bonaventure University (1982), and his Ph.D. from Auburn University (1989). Thornton taught economics at Auburn University for a number of years, additionally serving as founding faculty advisor for the Auburn University Libertarians. He also served on the faculty of Columbus State University, and is now a senior fellow and resident faculty member at the Ludwig von Mises Institute.[3] He is currently the Book Review Editor for the Quarterly Journal of Austrian Economics.[4]

Prohibition studies

Libertarian organizations including the Independent Institute,[5] the Cato Institute,[6] and the Mises Institute have published Thornton’s writings on drug prohibition and prohibition in general. Thornton contributed a chapter[7] to Jefferson Fish‘s book How to Legalize Drugs. He has also been interviewed on the topic of prohibition by members of the mainstream press. His research and publications are the basis of the Iron Law of Prohibition which states that the enforcement of prohibition increases the potency and danger of consuming illegal drugs. [8] Thornton’s first book, The Economics of Prohibition, was praised by Murray Rothbard, who declared:

Thornton’s book… arrives to fill an enormous gap, and it does so splendidly…. The drug prohibition question is… the hottest political topic today, and for the foreseeable future…. This is an excellent work making an important contribution to scholarship as well as to the public policy debate.

Economic bubbles

Thornton has also written on economic bubbles, including the United States housing bubble, which he first described in February 2004.[9][10][11] He suggested that the “housing bubble might be coming to an end” in August 2005.[12] His work on market bubbles has been cited by journalists[13][14] and other writers.[15][16] Economist Joseph Salerno noted that “Mark Thornton of the Mises Institute was one of the first to jump on this—to start writing about the housing bubble.”[17] Similarly, economist Thomas DiLorenzo has written that “[i]t was Austrian economists like Mark Thornton . . . who were warning of a housing bubble years before it burst.”[1] He also called the top in the housing market. He developed and published his Skyscraper and Business Cycle model in 2005.[13] His Skyscraper Index Model successfully sent a signal of the Late-2000s financial crisis at the beginning of August 2007. [14][15]

Political activities

Thornton has also been active in the political arena, making his first bid for office in 1984, when he ran for the U.S. Congress. He became the first Libertarian Party office-holder in Alabama when he was elected Constable in 1988. He was the Libertarian Party Candidate for the U.S. Senate in 1996 (also endorsed by the Reform Party) coming in third of four candidates. Thornton also served in various capacities with the Libertarian Party of Alabama including Vice Chairman and Chairman. In 1997 he became the Assistant Superintendent of Banking and a economic analyst for Alabama Governor, Fob James.[2]

Thornton has been featured as a guest on a variety of radio and internet programs and his editorials and interviews have appeared in leading newspapers and magazines.

Books

Academy Courses

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The Great Disconnect; Free Value Newsletter

Posted on April 8, 2013 | 2 Comments

CAVE

Readings

I have been speaking to several friends who run small businesses, and they are universally depressed. They see ever-increasing regulations, taxes, government dis-function and poor prospects. They are battening down the hatches. Perhaps, that is good advice. Note the interview with an entrepreneur #3 below

  1. http://www.thereformedbroker.com/2013/03/29/factset-negative-earnings-guidance-at-seven-year-highs/
  2. http://www.hussmanfunds.com/wmc/wmc130408.htm
  3. http://classicvalueinvestors.com/i/2013/04/fabulous-interview-with-entrepreneur-alan-butler-about-the-economy/
  4. http://greenbackd.com/2013/04/05/robert-shiller-interviewed-on-cape-and-the-stock-market/

—

Free Value Newsletter

Get on his email list for Value Investing News.   I think he might even send out Baupost’s last 2012 annual letter if you ask. Ask to be on his list: pcordway@gmail.com. Below is a sample from his last emailed letter:

Subject: good reading

As usual, if anyone is going to Omaha for the Berkshire Hathaway annual meeting and wants to get together just drop me (Phillip) an email. 

Facts and Figures

  • Real, per capita disposable income in the U.S. has declined at 0.4% per year over the past five years (Source: Commerce Dept.)
    • More, if you’re a glutton for punishment: America still has two million fewer jobs than it did in January ’08 (Brookings Inst.); food stamp enrollment is up 70%       since ’08 to a record 47.8 million in Dec. ’12 (SSA); 43% of active workers reported no active saving for retirement (ERBI)
  • In happier news:
    • There are 1.7 million fewer underwater home owners (sic) in 4Q12, taking the total down to 21.5% from the peak of 25.2% in 4Q11 (Corelogix); U.S. R&D spending     of 2.9% of GDP is back to its space-race peak economist); household net worth rose $1.17 trillion in 4Q12 to $66.07 trillion, the highest since 4Q07

Links

Books

Attachments

  • Baupost 2012 Annual Letter – This has been out for a month or two and I won’t clog your inboxes any further, but if you haven’t read this yet you should. This was by far the winner of any otherwise lackluster shareholder letter season.
  • Household formation – A chart from BAML showing the      5-year rolling change in numbers of households, which obviously fell off a cliff in ’08 and hasn’t really rebounded much.
  • Buffett Stock Gauge Sends U.S. Caution Signal – Buffett has said that  ”probably the best single measure of where valuations stand at any given moment” is the market capitalization of all stocks (the Wilshire 5000) against gross national product. He added, importantly, that the ratio has “certain limitations in telling you what you need to know.” He believed it would be hard to go too wrong with the ratio in the 70-80% range, with anything approaching 200% deemed to be ”playing with fire.” So there is nothing from his direct commentary to suggest that he viewed 100% as anything more than a round number, but it’s worth looking at where the ratio has been and where it is currently (as well as the margins supporting currently valuations).
  • Cyclically Adjusted PE Ratios – Similar to the market cap / NG is the ratio of price to 10-year-average profits shows. This chart, compiled by Goldman, shows CAPE ratios worldwide.

Articles……..

 

 

 

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Free Live Lectures on Monetary Mayhem

Posted on March 22, 2013 | 3 Comments

TV

..But the proof that these were unsustainable bubbles fostered by the state rather than real growth and prosperity arising from the free market became acutely evident after the turn of the century. Then another round of Greenspan bubble finance and the George W. Bush fiscal profligacy converged in a temporary spree of phony prosperity: the domestic consumption boom and the real estate bubble. Yet now that these have gone resoundingly  bust, the data starkly reveal that the nation’s economic fundamentals have relentlessly deteriorated for more than a decade.

Long-term investment has grown by less than 1 percent annually since 2000 and the nonfarm payroll count has hardly increased at all for 12 years. Likewise, the real incomes of the middle class have fallen back to 1996 levels–even as the American economy has tumbled into a frightful debt to the rest of the world. In short, the American economy did not falter due to a mysterious “contagion” in September 2008. It had been heading for a crash landing for the better part of three decades. — David Stockman in The Great Deformation (2013)

Monetary Mayhem Lectures

All Times are Central Standard Time or 1 hour behind Eastern (New York) Time, but double-check to be sure. Go to www.mises.org

Watch These AERC Lectures Live,

Wednesday, March 20th, 2013

The 2013 Austrian Economics Research Conference starts tomorrow. The following lectures will be broadcast live. You can watch them either on our Ustream channel page or through the embedded feed on the Mises.org home page.

We’ll also be live-tweeting these lectures. Follow us on Twitter @mises. We’ll be using the hashtag #AERC.

All times Central Time.                                                    Friday, March 22

1:30 – 2:30 p.m.  The F.A. Hayek Memorial Lecture sponsored by Toby Baxendale (Austrian Hedge Fund Manager). Nikolay Gertchev, European Commission Brussels “From Monetary Nationalism to Monetary Imperialism: Fractional-Reserve Banking and the Inter-Government Cooperation”

4:30 – 5:30 p.m.  The Murray N. Rothbard Memorial Lecture sponsored by Helio Beltrao Brendan Brown Mitsubishi UFJ Securities “The Global Curse of the Federal Reserve: How Its Monetary Virus Stimulates Destructive Waves of Irrational Exuberance and Depression”

The Ultimate Effects of the Fed’s Policies

How the Federal Reserve’s policies are destroying social trust (must read) here:http://www.zerohedge.com/news/2013-03-11/dylan-grice-explains-how-crackpot-central-bankers-are-destroying-human-society

and…..destroying wealth: “Contrary to popular thinking, loose monetary policy, which leads to a misallocation of resources, weakens the economy’s ability to generate final goods and services, i.e., real wealth.

This means that loose monetary policy not only cannot provide support to the economy, but on the contrary undermines the foundations for economic growth.

The so-called recovery that Bernanke and most commentators are referring to is nothing more than the revival of various unproductive or bubble activities, which in a true free market environment wouldn’t emerge in the first place.” More…http://www.mises.org/daily/6385/Should-Bernanke-Park-the-Helicopter

A traditional economist’s view: Why so gloomy? All is well.

http://scottgrannis.blogspot.com/2013/03/why-is-everyone-so-gloomy.html

http://scottgrannis.blogspot.com/2013/03/the-fed-is-not-printing-money.html (True, but no mention of the massive distortions caused by the Fed’s zero interest rate policies or don’t prices mean anything?)

–

PS: I will tackle the three valuations this weekend. Right now I am too busy researching mining stocks.

Be careful: http://greenbackd.com/2013/03/21/sp-500-operating-eps-estimates-are-too-optimistic-and-the-market-is-expensive/

HAVE A GREAT WEEKEND!

Addition:

Fireside chat with Buffett on payment systems: http://vimeo.com/62209937

Van den Berg’s Investment outlook: http://centman.com/insights/2013/03/arnold-van-den-berg-speaks-at-the-texpers-annual-conference/

 

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VALUE VAULT: GREENBLATT Videos

Posted on February 26, 2013 | 4 Comments

 Joel GLittle BookGenius

Greenblatt Special Situation Value Investing Class Videos

Class Notes: https://www.yousendit.com/download/UW16UWV0Q1JQb0w0WjlVag

#1   2005-02-14 https://www.yousendit.com/download/UW16UWVqaytqY29pR01UQw

#2   2005-10-07 https://www.yousendit.com/download/UW16UWVqaytwaFM1aWNUQw

#3   2005-10-14: https://www.yousendit.com/download/UW16UWVqayszeUxFdzhUQw

#4   2005-11-04: https://www.yousendit.com/download/UW16UWVqays4NVZESjlVag

#5   2006-11-03 https://www.yousendit.com/download/UW16UWVqaytPSHg4SjhUQw

#6   2006-11-08 https://www.yousendit.com/download/UW16UWVqayttNExsZThUQw

 

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Posted in Competitive Analysis, Free Courses, Search Strategies, Valuation Techniques, YOU

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VALUE VAULT GREENWALD Videos

Posted on February 26, 2013 | 10 Comments

GreenwaldBookBook 3Book 2

It is rare to be able to invest precisely at an inflection point; therefore, investors who take a stand against the tide should expect to initially lose money (The Emotionally Intelligent Investor)

Below are links to various lectures. You should do a search on this blog for notes on the various companies that Prof. Greenwald mentions. For example, I posted my class notes on Hudson General, Liz Claiborne, etc.  Try to understand his process. If you don’t, then buy and read the books above. If you work hard, you can skip the $200,000 in tuition at Columbia GBS.

Greenwald Strategic Valuation Analysis: https://www.yousendit.com/download/UW16UWV1K3hlM1RyZHNUQw

Greenwald Liz Claiborne Valuation Analysis: https://www.yousendit.com/download/UW16UWV1K3htMExMYnRVag

Go to Sec Edgar and download the appropriate financial statements and try to value before hearing this lecture. Go to search box on this blog for liz Claiborne valuation to find the notes on this lecture.

Greenwald Valuing Growth and Managing Risk: https://www.yousendit.com/download/UW16UWVqMGNCSWNVV01UQw

Greenwald Investment Process Part 1: https://www.yousendit.com/download/UW16UWVqMGNKV01YRHNUQw

Greenwald Investment Process Part 2: https://www.yousendit.com/download/UW16UWVqMGNtUUhOTzhUQw

Transcript of Greenwald Gabelli Seminar in London: https://www.yousendit.com/download/UW16UWVqMGMyWGRBSXNUQw

Greenwald 2010 Lectures:

1/26/10:https://www.yousendit.com/download/UW16UWVoZ1BoMlc5TE5Vag

1/28/10:https://www.yousendit.com/download/UW16UWVoZ1BrWTlqQThUQw

2/02/10:https://www.yousendit.com/download/UW16UWVoZ1BmVGJMbjhUQw

2/04/10:https://www.yousendit.com/download/UW16UWVoZ1B5UkhyZHNUQw

2/09/10:https://www.yousendit.com/download/UW16UWVoZ1AwMEg1SE1UQw

2/11/10:https://www.yousendit.com/download/UW16UWVqY1M4aU9FQk1UQw

2/16/10:https://www.yousendit.com/download/UW16UWVqY1NuSlMwYjhUQw

2/18/10:https://www.yousendit.com/download/UW16UWVqY1M5eFZqQThUQw

2/25/10:https://www.yousendit.com/download/UW16UWVoZ1BUWUExWjhUQw

3/23/10:https://www.yousendit.com/download/UW16UWVoZ1BtUUVsYzhUQw

3/25/10:https://www.yousendit.com/download/UW16UWVoZ1BkMnZsZThUQw

4/01/10:https://www.yousendit.com/download/UW16UWVoZ1BnYU1VV01UQw

4/13/10: https://www.yousendit.com/download/UW16UWVoZ1BiV3lFQk1UQw

Let me know if you wish for me to post the Greenblatt videos………

 

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Simoleon Sense: Investing & Scuttlebutt Research

Posted on February 13, 2013 | Leave a comment

Creative Accounting

Conversation with Paul Lountzis: Investing & Scuttlebutt Research. Keep checking www.simoleonsense.com to improve and learn.

I’m happy to share with you a conversation I had with my friend Paul Lountzis of Lountzis Asset Management. Over the years I’ve learned a lot about the art of scuttlebutt research from Paul. I asked him if he would share his insights with us, Paul agreed, and the rest as they say is history. Please leave your comments below the post and I’ll ask Paul to answer any questions or thoughts.

 Guest Bio:

Prior to forming Lountzis Asset Management, LLC, Mr. Lountzis was employed by Ruane, Cunniff & Company, Inc., New York, NY, a registered investment adviser managing the Sequoia Mutual Fund as well as private accounts, from 1990 through 1999 as an analyst, and as a partner from 1995 through 1999.

Mr. Lountzis was an analyst at Royce & Associates, Inc., New York, NY from 1989 through 1990 where he evaluated small and mid-cap stocks for purchase in institutional accounts as well as various mutual funds including the Pennsylvania Mutual Fund.

 Part 1: How Paul Became An Investor (click here for a direct link to the interview)

In part 1 Paul covers:

  • Learning about Warren Buffett.
  • Getting a job as a consultant, learning about competitive analysis ,& developing interviewing skills.
  • Getting a job at Royce & Associates and discovering small cap stocks.
  • Getting a job at Ruane, Cunniff, & Goldfarb.

Part 2: An Overview of Paul’s Scuttlebutt Process  (click here for a direct link to the interview)

 In part 2 Paul covers:

  • Researching Freddie Mac and using proprietary research to make a contrarian call.
  • Researching Progressive-talking with seasoned agents led to uncovering tipping points.

Part 3: Using Interviews While Researching Investment Opportunities (click here for a direct link to the interview)

In part 3 Paul covers:

  • Studying companies and industries.
  • The importance of curiosity & preparation in crafting questions.
  • Types of questions to ask during interviews.
  • Picking people to interview.
  • The importance of uncovering differential insights.
  • Learning about outdoor advertising and applying scuttlebutt to learn about the best companies in the space.
  • Learning about Nike by talking with seasoned distributors.
  • The importance of building long-term relationships with industry participants.

Part 4: Investment Mistakes & Sins of Omission (click here for a direct link to the interview)

In part 4 Paul covers:

  • Mistakes of Omission.
  • His extensive research of the HMO industry and missing an investment.
  • The increasing importance of qualitative research as financial markets become more competitive.

 I can’t wait to find the time to view the video interviews. Let me know what you think.

Tap Dancing to Work (Buffett)

Catch up on articles you may have missed on Buffett over the years. Go to www.fortune.com/buffettbook

For example, “Can you beat the market?” http://management.fortune.cnn.com/2012/11/21/buffett-beat-stock-market/

 

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